Security News > 2022 > September > Private equity suits at Thoma Bravo pull out of Darktrace acquisition

US private equity investor Thoma Bravo has pulled out of its planned takeover of Darktrace, causing shares in the UK cybersecurity company to plummet.

"London-based Darktrace revealed it was in early discussions with Thoma Bravo about a possible takeover last month, but confirmed on Thursday"an agreement could not be reached on the terms of a firm offer.

"The Board of Darktrace confirms that discussions with Thoma Bravo have terminated," it told the London Stock Exchange.

Darktrace reported 46 percent year-on-year revenue growth, reaching $415.5 million in its fiscal 2022 ended 30 June.

According to the results, Darktrace determined $3.8 million in revenue recognized in FY 2022 was related to prior periods and should instead be recognized in FY 2021.

In April 2021, Darktrace enjoyed a bumper IPO climbing 40 percent on its London Stock Exchange debut after an opening valuation of £1.7bn. Darktrace has built something it calls an "Enterprise immune system," which it says uses machine learning to identify and respond to security threats and incidents across cloud, IoT, virtualized networks, and industrial control systems.

News URL

https://go.theregister.com/feed/www.theregister.com/2022/09/08/thoma_bravo_darktrace/